Fitch first fighter to be paid by digital currency

 

Being paid by sponsors in something that has allowed fighters to make extra money to cover the expenses of a fight camp. Being paid in a digital currency however, has never happened, well until now:

When I launched Nautiluscoin, I took a page out of Wall Street's old playbook and added a stability fund so that we can use some of the coins to act as speed bumps when big swings in price occur. As well, we have reduced the transaction time down to 60 seconds, compared to bitcoin's 10-minute transaction time.

The next step for Nautiluscoin was actually a little trickier than trying to solve the volatility problem: How to get the word out about Nautiluscoin?

I decided it was time for a fight.

So, I'm sponsoring Jon Fitch (www.jonfitch.net), the No.2 Mixed Martial Arts (MMA) World Ranked Welterweight, in his upcoming fight on July 5 on NBC. Like many of us, Jon has recently caught the digital currency bug and with this sponsorship, he will become the first professional athlete to be paid in a digital currency.

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tags: Jon Fitch (detail)  Nautlius Coin   



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Recent Comments »

willienugget site profile image  

6/28/14 1:37 PM by willienugget

While not wrong, I think you're overlooking the fact that paper money is legal tender. That we are required to accept it as payment is no small deal.

yabadaba site profile image  

6/28/14 1:34 PM by yabadaba

Those who say that state currencies such as the US dollar are not backed by anything (when what they really mean is they are not backed by a commodity) seem to be the same people who call the US dollar "paper money" despite the fact that most US dollars are stored electronically.I get that you're a gold bug and you think the US dollar should be backed by gold. A minority of economists even agree with you on this. But that doesn't change the fact that the US dollar is currently backed by the US govt's ability to force people to pay taxes in US dollars (thus creating a demand for US dollars).There is absolutely nothing to stop the value of a cryptocurrency from dropping to zero. The same cannot be said for a state currency.

willienugget site profile image  

6/28/14 1:23 PM by willienugget

I think the whole idea is goofy, but it's just one of his sponsors. I'd take part of my pay in BigMacs, just not a substantial part of it.

Violence site profile image  

6/28/14 1:08 PM by Violence

Too bad he got paid in Nautiluscoin because it's just another shitcoin

Lasko site profile image  

6/28/14 12:43 PM by Lasko

"Backed by taxes" doesn't mean anything, that's just a circular argument. Paper money is backed by taxes, taxes we pay with paper money. What people mean by paper money not being backed by anything is the fact that there is not nearly enough gold in our vaults to support the ridiculous amount of money we print. There needs to be a real tangible backing to paper money which we do not have.

dominating_fashion site profile image  

6/28/14 11:24 AM by dominating_fashion

Broke Fitch > Digital Fitch

Wriggling Grunion site profile image  

6/28/14 11:19 AM by Wriggling Grunion

Holy shit what a bad decision. I mean really, really bad. There are 65764087376 cryptocurrencies out there and more arriving every day. Nautiluscoin is worth nothing and will never be worth anything. What good is it to be paid 1,000,000 Nautiluscoin if they are worth 0 cent each? Fitch made a very big mistake.

mada site profile image  

6/28/14 10:40 AM by mada

these currencies are as relevant as fitch. perfect sponsor for him. nothing personal, but he doesn't seem like the sharpest knife in the drawer.

Fed site profile image  

6/28/14 9:42 AM by Fed

'WHAT IS BITCOIN?TOMORROW'S MONEYBitcoins are the equivalent of Internet cash. You can send Bitcoins over the Internet directly to anyone with no middle man. Like cash, Bitcoin transactions are irreversible. Bitcoins are traded worldwide.BITCOIN EXCLUSIVESHere is a list of things that you can only do with Bitcoin:Spend and transfer money internationally for less than a penny.Sell on the Internet without setting up with a payment service.Protect your wealth from devaluation by the government.Donate to any Bitcoin-accepting organization anywhere.'

Fed site profile image  

6/28/14 9:41 AM by Fed

https://www.bitstamp.net/1 bitcoin = $600USD atm



 

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